Actuarial Systems Analyst I
Full Time
Actuarial Business Analyst I/ II
*This role is not an actuarial rotational position and does not require any exams. No actuarial exam support will be provided in this role.
Summary
The Actuarial Business Analyst II position reports to the Actuary, Life and Annuity Product Implementation and Management and is responsible for the setup of Life and Annuity products. Working under minimal supervision, this role will define products and load rates on administration systems, illustration systems and ancillary systems by performing tasks as assigned. The Product Systems Analyst II will independently perform systems analysis and modify product testing tools to ensure all life and annuity product calculations are complete and accurate. This role will interact with other business units and teams, including Agile scrum teams, product development actuaries, and the policy forms team to provide input on systems processing and calculations in support of defining new products and benefits and the creation of policy forms.
Key Responsibilities
- Assist in identifying areas of the systems requiring modification to support new product designs and functionality
- Coordinate tasks associated with creating and modifying life and annuity product plans on administration, new business, illustrations, and other systems
- With oversight, read/review product pricing requirements, elicit necessary information by seeking answers from appropriate business partners. Write business requirements for needed modifications to systems, if applicable.
- Modify and create test tools to validate product rates and values on impacted systems, following established protocols and standards
- Create and execute validation test plans for new products, following established protocols and standards
- Help guide the efforts of Product Systems Analyst I in support of product implementation and management support
- Continue learning Life and Annuity products, their benefit structures and calculations, and the systems on which they are illustrated and administered
- Consult with the policy forms team as required to assist in the development of new forms and review materials in support of state filings
- Produce values for marketing materials and review such materials for accuracy
- Create and maintain tools and applications such as an ABR calculator required for the accurate implementation, administration, and support of life and annuity products. Deploy such tools for use by other business units as appropriate.
- Work to build and/or strengthen cross-functional partnerships with other business units and teams throughout the organization such as PMO, IT and QA, Customer Experience Center, New Business, and Policy Services.
- Liaise with other L&A solutions team members regarding policy calculations and values.
- Responsible for Vantage table creation and maintenance
Job Requirements
- Bachelor’s degree – mathematics, finance, computer science or related degree preferred
- Experience – 1- 5 years in systems or systems support role in financial services industry.
- Experience with a wide range of life insurance and annuity products with a demonstrated understanding of product mechanics and calculations, including development of UL, indexed UL, and/or whole life cash value and death benefit calculations, definition of life insurance and modified endowment calculations, interest theory, and other related actuarial product benefit calculations.
- Ability to work both independently and as part of a team, accurately and in a timely manner
- Leadership and Problem-solving abilities
- Strong math, analysis and communications skills.
- Understanding of MS Office suite of applications including very strong Excel skills.